YPSILANTI, MI - A foreign investment company is proposing a huge residential and retail development in the city of Ypsilanti designed to attract immigrants, primarily from Asia.

The project would use an old industrial site in the city for a $150 to $300 million mixed-use residential and retail property with an Eastern-inspired structure and philosophy.

Up to 3,000 people could live at the site called International Village.

People living at International Village would include international students, extended-stay and permanent residents. Residential options would range from one to five-bedroom units in four- to five-story apartment buildings.

"Other areas would be targeted but not limited to newly immigrated foreign nationals," said Beth Ernat, director of economic development for the City of Ypsilanti. "It would serve primarily as a landing pad as people move in the United States, as a comfort area where they are part of the community but still have some familiarity with the culture."

Ernat said city officials are cautiously optimistic about the project.

"We're excited to learn more, but we're also leery of putting all our eggs in one basket," Ernat said. "We'll do thorough research and vetting before that decision is made."

The Ypsilanti City Council accepted a Letter of Intent from International Village on May 24, prompting a 120-day "due diligence" period for the investment company to perform geotechnical and remediation studies of the Water Street property it wants to use.

Water Street is a 36-acre property located in the heart of Ypsilanti that the city has had trouble redeveloping due to contamination on the property. Part of the property is now occupied by a Family Dollar, the sole development approved for the property.

Wayne Hoffman with Spence Brothers is serving as the developer's representative during pre-construction consulting. He said the son of Amy Xue Foster, principal of International Village LLC, attended Eastern Michigan University and the family is familiar with the area.

Company officials say the project would create at least a thousand jobs and bring hundreds of permanent residents to the region.

Documents state the development would be built with a focus on Eastern culture, cuisine, customs and living practices.

Key financing would come from Eastern investors.

"The creation of the development will be really reliant on international investment, primarily Chinese but also other Eastern countries," Ernat said.

The documents also said foreign direct investment would come through general equity/financing and a program called EB-5.

The EB-5 program is administered by the U.S. Citizenship and Immigration Services allowing entrepreneurs and their families to become eligible for green cards if they make a certain amount of investment in a commercial enterprise or plan to create at least 10 full-time permanent jobs in the country.

According to the U.S. Citizenship and Immigration services website, the minimum qualifying capital amount for general investment is $1 million, or $500,000 for targeted areas with high unemployment or rural locations.

The 120-day due diligence period includes determining "detailed financial feasibility" and solidifying commitments from international investors.

Mean temperatures in both the summer and winter of Ypsilanti compared to Beijing, Shanghai and Chengdu.

Population demographics showing a rise in the Asian population across the region, from 13,810 people in 2016 within a 15-minute drive of the Water Street area compared to a projected 16,295 in 2021. There are no sources cited for the data.

The first phase of development for International Village would range from $150 to $200 million, with a total of up to $300 million in total development costs. The construction would result in the creation of 1,500 to 2,000 jobs both during and after the development period.

It would bring in 1,500 people during the first phase as residents, with a target of 3,000 people at peak development, the presentation said.

Described as a smart development in the presentation, the mixed-use property would include retail spaces like a grocery store along with a "culturally-branded gateway" and residential/commercial areas.

International Village has until Sept. 21, to deliver an answer on whether it will develop the property or not. The investment company can decline the property or start financial negotiations before the end of the period, Ernat said.

If a purchase agreement is reached, a new 180-day period would begin to secure investment approvals and city permits. The presentation said International Village officials anticipate a two-year construction schedule, starting fall 2018.

The targeted completion date is September 2020.

Foster, principal of International Village LLC, said Ypsilanti is perfectly located for the development concept.

"The city's diversity and location near the University of Michigan, Eastern Michigan University, and other college and universities, the Center for American Mobility and MCity; and the site's beautiful setting along the Huron River make Ypsilanti the perfect place to attract and retain foreign investment," Foster said in a statement.

The investment company is referring questions about work being done on the site to Spence Brothers, she said. Spence Brothers has an office in Ann Arbor and is included in the proposal as the construction manager and general contractor for International Village.

Hoffman told the Ann Arbor News the geotechnical consultant company would be on site at Water Street in about two weeks.

The city purchased Water Street parcels in the 90s and early 2000s, and has spent hundreds of thousands of dollars since on soil remediation efforts and clearing out existing buildings. By 2004, the city had more than $30 million of debt tied to the property.

Voters in August 2016 voted down a millage that would have addressed the debt related to Water Street and the nearly million-dollar annual payments the city is making to repay bonds sold to acquire the parcel.